The Flintkote Company

Company Deal

sale of $4.50 cumulative preferred stock

Transaction Type

Cumulative Preferred Stock

Deal Description

The Flintkote Company applied a portion of the net proceeds from this transaction to the prepayment in full of the promissory notes of the company. The indebtedness represented by these notes was incurred in 1940 for the purposes of the construction by the company of an insulation board plant in Meridian, Mississippi, and the operation of the resulting business. The balance of the proceeds was to be used in connection with the possible acquisition of additional equipment and plant facilities, or was to be added to working capital and used for general corporate purposes, including the carrying of inventory and accounts receivable.